According to Rentals.ca report, rent prices in Edmonton dropped even further during the first 4 months of 2021 but trends have reversed and we are seeing rental rates increasing during the 2nd half of the year with the exception of the multi family apartments.
The average rental rate in Edmonton is seeing an increase of 3% over the year. Although this is lower compared to other larger cities in Canada like Vancouver and Toronto, overall the real estate market in Edmonton has remained steady with modest year over year increases.
The average rent in Edmonton CMA are as follows:
| Unit Type | 2021 ($) | 2020 ($) |
|---|---|---|
| 1 bedroom (condo apartment) | 1,000 | 975 |
| 2 Bedroom (condo apartment) | 1,200 | 1,150 |
| 3 Bedroom (condo apartment) | 1,350 | 1,300 |
| 3 Bedroom (townhome) | 1,525 | 1,450 |
| 3 Bedroom (half duplex) | 1,650 | 1,600 |
| 3 Bedroom (single family home) | 1,950 | 1,875 |
| 3 Bedroom (main floor unit) | 1,100 | 1,100 |
| 2 Bedroom (basement unit) | 850 | 800 |
The above rates are averages on what we are seeing at Davies Property Management. There are many factors that determine the rental rates such as location, age of the property, upgrades to the home, garage, finished basements, number of baths, etc. The above will hopefully help you in guiding you with your real estate investment decisions.